Thanulux Public Company Limited (SET:TNL) agreed to acquire 50% stake in Phraram 9 Alliance Company Limited from U City Public Company Limited (SET:U) for THB 6.75 million on September 30, 2022. The transaction is subject to regulatory approval and shareholder's approval of U City Public Company. As of December 31, 2021, Phraram 9 Alliance Company reported total assets of THB 2 billion, net loss of THB 53.7 million and total common equity of THB 440 million. The Company expects to complete the Transactions by December 2022. As on November 24, 2022, the transaction was approved by the shareholders of U City Public Company. Silom Advisory Co., Ltd. acted as financial advisor to U City Public Company Limited.

Thanulux Public Company Limited (SET:TNL) completed the acquisition of 50% stake in Phraram 9 Alliance Company Limited from U City Public Company Limited (SET:U) on December 15, 2022.